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South Ben <br />Commissio <br />Friday, M <br />Redevelopment Commission <br />rs' Regular Meeting <br />19, 1978 <br />6. NEW BOSINESS (Continued) <br />a. (Continued) <br />. Brownell read the names and addresses of all loan applicants with <br />amount of the loan involved in each case. <br />M . Robinson: What kind of house could the one be on Cottage Grove <br />w ere it is going to take $11,350.00 for renovation? That must be <br />q ite a place. <br />M . Wiggins: There are some pretty good sized houses down in that <br />n ighborhood and it probably needs a lot of work. These are not grants, <br />t ese are do it yourself loans. <br />M . Robinson: I know, but I thought that the people that were getting, <br />t is type of loan, were the people who basically were at the lower end <br />o the economic scale. <br />Mr. Wiggins: They probably are, but a repayment schedule on $11,000 <br />1 an amortized over the normal length of these things, it would look a <br />1 t better than buying a new house for $40,000. <br />M,. Butler: As a matter of fact, some of this might be refinancing an <br />e isting mortgage, if there is one; part of it would be to refinance that. <br />i' <br />. Robinson: Then, it might not necessarily be all for renovation then? <br />. Wiggins: It might not be. <br />s. Baumgartner: It is not, we are refinancing about $1,400.00, the <br />st is all rehabilitation. The rehabilitation is about $9,991.00. <br />. Nimtz: This house is north of Lincolnway West right? <br />s. Baumgartner: Right. <br />. Nimtz: About how many houses north of Lincolnway West? <br />. Baumgartner I don't know. We have the appraisal figure in there <br />you would like to see that. <br />-5- <br />